Mideast Stocks: Major Gulf markets fall on oil price slide
- Date: 01-Nov-2020
- Source: Zawya
- Sector:Financial Markets
- Country:Gulf
Mideast Stocks: Major Gulf markets fall on oil price slide
Stock markets in the Gulf ended lower on Sunday in response to Thursday's slide in oil prices as rising COVID-19 cases in Europe and the United States heightened concerns over the outlook for fuel consumption.Brent crude dropped 19 cents to settle at $37.46 a barrel on Friday, after touching a five-month low of $36.64 in the previous session. Lower oil prices and disruptions to crude exports are likely to impact the fiscal balances of countries reliant on oil income.Dubai's main share index declined 1.6%, dragged down by a 3% fall in blue-chip developer Emaar Properties and a 1.7% decrease in Emirates NBD Bank .The six-member Gulf Cooperation Council faces a steep economic contraction this year before partially rebounding in 2021, with most countries facing sharper drops than previously estimated, a quarterly